Taxable Acquisition
November 9th, 2009
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Question: incometax capital gains cost of asset purchase of agricultural land?
my friend purchased agricultural land for Rs. 1 lakh. One of the sellers' relative filed suit claiming right in the property. To close the litigation, he has paid the relative an amount of Rs. 20,000. Whether he can take cost of acquisition of the land at Rs. 1,20,000 if so, under which section.
Further, the amount of Rs. 20000 is taxable in the hands of relative under capital gains or other sources.
Answer: Is your friend from Andhra Pradesh ? Specially from Hyderabad ??
This kind of claims are common in Hyderabad.
The cost of the land will become 1.2 lakhs.
The person who has taken money from your friend, for his this Rs.20,000 will be the sale value of his property and he has to pay capital gain tax (if any).
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